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+Article 99 2a. |
Article 99 2a.Where a depositary delegates its custody functions to a third party located in a third country in accordance with Article 21(11) of Directive 2011/61/EU, in addition to the requirements of paragraph 1 of this Article, the depositary shall ensure the following:
(a)
the depositary receives legal advice from an independent natural or legal person confirming that the applicable insolvency law recognises the following:
(i)
the segregation of the assets of the depositary's clients from the third party's own assets, from the assets of the third party's other clients and from the assets held by the third party for the depositary's own account;
(ii)
the assets of the depositary's AIF clients do not form part of the third party's estate in case of insolvency;
(iii)
the assets of the depositary's AIF clients are unavailable for distribution among, or realisation for the benefit of, creditors of the third party to whom custody functions have been delegated in accordance with Article 21(11) of Directive 2011/61/EU;
(b)
the third party takes the following steps:
(i)
it ensures that the conditions laid down in point (a) are met when concluding the delegation agreement with the depositary and on an ongoing basis for the entire duration of the delegation;
(ii)
it immediately informs the depositary whenever any of the conditions referred to in point (i) are no longer met;
(iii)
it informs the depositary about any changes to applicable insolvency law and its effective application. 1. Vue d’ensemble
1.1 Références1.2 Exigences identifiées1.3 Normes associées2. Exigences identifiées
3. Normes associées
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